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Town OK's Retirement Incentives for Workers

Some 280 employees, about a quarter of the town's workforce, will be eligible.

The approved an early retirement program on Tuesday that will offer financial incentives for eligible employees.

Moving swiftly in the wake of a recent downgrade of theby one investment firm, the town held a public hearing on the local law to create the incentive package, then voted unanimously to approve it.

"We knew sooner or later it was going to come to this," said citing the lingering recession for the town's current shortage of cash. He likened the town's finances to households around Long Island, where costs have increased while income has not.

Venditto said the retirement plan could save the town a "significant amount" of money over the next few years with the reduction in the workforce. He and others stressed that the pensions for the retirees would be paid for through the state's public service pension fund.

The basics of the local law were laid out by Thomas Sabellico, the town's deputy commissioner of planning and development: To be eligible for voluntary retirement, an employee must be 55 and have been employed for five years.

The package would provide them with:

  • $1,000 for every year of service to the town.
  • Lifetime health benefits.
  • Five years of family health benefits after the death of the employee.
  • payments delivered in one lump sump or three payments spread out over roughly two years.

There are specific timetables for employees to make their decisions and those time frames effect the package.

The town has determined that there are 280 employees eligible for the retirement incentive, or roughly one quarter of the town's workforce. Sabellico said the proposal had the "full support of the unions" in the town.

Venditto said "a lot of thought was put into the plan."

"I don't expect the quality of life or town services to be impacted," he said.

Venditto said the town does not intend to replace the positions of the retired employees. Payroll makes up about 60 percent of the town's overall costs.

 

Ed June 20, 2012 at 06:40 PM
This will do absolutely nothing for the Town's bottom line. They are going to give out hundreds of thousands of dollars and provide lifetime medical and then they will go out and hire replacements. The taxpayer is going to get screwed again. They should just lay off unneeded workers, starting with Venditto.
John Rennhack June 24, 2012 at 04:33 AM
Ed, they will hire the "retirees" back as part-time seasonal employees. And that work counts to their state retirement time. FOIL the names and I bet you'll find most of the workers who take the package are connected. Then FOIL the Town employee list in 6 months and you'll see them back at work.
Franken Harpo June 29, 2012 at 01:49 PM
Lifetime medical benefits...it is called Medicare.
Franker32 June 29, 2012 at 01:59 PM
if 90 people take the incentive, it will save roughly 10 million. the money to pay this incentive will not be paid until April of next year with the money saved from there payroll. If you people are so bitter over public empolyees then First, learn to attend public meetings to voice your displeasure. Second, show up to vote, j. Ventitto and his like minded individuals win at election time easly. Third, 15-20 years ago when all my private sector frendis were ridding the stock market wave and everyone was a day trader at home banking huge capital gains, I could not afford to Live in oyster bay. Lou Yevolli beat the incubent A.Delligatti we were hung out to dry for several years...Meanwhile every shmoo with a job was buying a house. Also, who can retire with 5 years on the job? just beacuse a fence is easy to jump, does not mean there is something there to jump to. Our schools are only as good as the students try, I gave a lecture to a computer class one time for a local public school. the kids were unrully self servings monsters. with no intrest to learn, you can't pay teachers enough to baby sits spoiled brats who plan to live of their dead parents money.
Franken Harpo June 29, 2012 at 02:22 PM
$293 billion bailout of Savings & Loan, $400 billion Fannie Mae / Freddie Mac rescue, $700 billion Troubled Asset Relief Program, $25 billion to Citigroup, $45 billion to Bank of America, $630 billion bailout of the auto industry... Concerned citizens whining about the Town of Oyster Bay incentive program....give me a break!

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